WASA in debt to tune of US$448mn

Trinidad and Tobago's Water and Sewerage Authority (WASA) is in debt to over TTB$3bn (US$448mn), the Trinidad and Tobago Express reported, citing information released to the joint select committee of parliament this week. Committee chairperson senator Parvatee Anmolsingh-Mahabir said that between 1994 and 2003, WASA operated at a financial loss of over TTB$3.2bn. She added that between 1998 and 2001, WASA borrowed over TTB$1.1bn to finance various projects, and that as March 29 this year, WASA was owed TTB$507mn by customers and wanted to write off TTB$300mn of this as doubtful or bad debts. The public utilities and environment ministry's outgoing permanent secretary Anthony Bartholomew attributed WASA's financial difficulties to high debt servicing and operating costs, as well as high expenses related to overdrafts and credit-line facilities. The government's decision to finance WASA's capital investment program through loan financing and not through a public sector investment program also contributed to the problem, Bartholomew said. A WASA spokesperson was unavailable for comment when contacted by BNamericas.